Type Public Products Financial Services Headquarters Riyadh, Saudi Arabia Founded 1978 | Industry Finance Website www.sabb.com Founder Sulaiman S. Olayan Number of employees 5,000 | |
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Key people Khalid Al-Olayan (Chairman)
David Dew (Managing Director) Stock price 1060 (TADAWUL) SAR 20.60 -0.10 (-0.48%)23 Mar, 3:00 PM GMT+3 - Disclaimer CEO David Robert Dew (26 May 2010–) Subsidiaries Arabian Real Estate Company Limited Profiles | ||
The saudi british bank sabb saudi arabia at ifm awards ceremony dubai 2013
The Saudi British Bank (Arabic: ساب) (SABB, البنك السعودي البريطاني) is a Saudi Joint Stock Company and is an associated company of the HSBC Group. SABB has a branch in London.
Contents
Sabb money transfer
Services
SABB offers services in investment banking, commercial banking, private banking and Islamic banking. SABB Islamic Financial Solutions (Arabic: الحلول المالية الإسلامية), which are part of SABB services, are regulated by the Saudi Arabian Monetary Agency and a Sharia Supervisory Committee. This ensures that SABB Islamic Financial Solutions conforms to strict adherence to principles of Sharia.
History
The British Bank of Iran and the Middle East, which became British Bank of the Middle East (BBME), opened branches in Jeddah and Al Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj, the Muslim pilgrimage to Makkah (Mecca). Hongkong and Shanghai Banking Corporation (HSBC) acquired BBME in 1959. In 1978 HSBC was forced to convert its branches into an affiliate, Saudi British Bank. Ownership became 60% Saudi and 40% HSBC, and HSBC has a technical services agreement with the bank. In August 2011, Fitch Ratings gave SABB's Long-Term Issuer Default Rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”.